Correlation Between GasLog Partners and Green Plains
Can any of the company-specific risk be diversified away by investing in both GasLog Partners and Green Plains at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining GasLog Partners and Green Plains into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GasLog Partners LP and Green Plains Partners, you can compare the effects of market volatilities on GasLog Partners and Green Plains and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in GasLog Partners with a short position of Green Plains. Check out your portfolio center. Please also check ongoing floating volatility patterns of GasLog Partners and Green Plains.
Diversification Opportunities for GasLog Partners and Green Plains
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between GasLog and Green is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding GasLog Partners LP and Green Plains Partners in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Green Plains Partners and GasLog Partners is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on GasLog Partners LP are associated (or correlated) with Green Plains. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Green Plains Partners has no effect on the direction of GasLog Partners i.e., GasLog Partners and Green Plains go up and down completely randomly.
Pair Corralation between GasLog Partners and Green Plains
If you would invest 2,540 in GasLog Partners LP on August 31, 2024 and sell it today you would earn a total of 39.00 from holding GasLog Partners LP or generate 1.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
GasLog Partners LP vs. Green Plains Partners
Performance |
| Timeline |
| GasLog Partners LP |
| Green Plains Partners |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
GasLog Partners and Green Plains Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GasLog Partners and Green Plains
The main advantage of trading using opposite GasLog Partners and Green Plains positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GasLog Partners position performs unexpectedly, Green Plains can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Green Plains will offset losses from the drop in Green Plains' long position.| GasLog Partners vs. GasLog Partners LP | GasLog Partners vs. Seapeak LLC | GasLog Partners vs. Dynagas LNG Partners | GasLog Partners vs. GasLog Partners LP |
| Green Plains vs. Plains All American | Green Plains vs. Genesis Energy LP | Green Plains vs. Western Midstream Partners | Green Plains vs. Hess Midstream Partners |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |